SIA will use its subsidiary Perago, specialised in central banks solutions, to replace the current Exchange Settlement Account System (ESAS). The functionality of the existing ESAS system will largely be incorporated into the replacement, including auto-overnight reverse purchase of eligible securities, tiered interest, authorisation and liquidity management features, and key interfaces to the SWIFT messaging system.
The Reserve Bank will replace the underlying payment system IT infrastructure, currently integrated with the corporate IT infrastructure. The new RTGS will operate on a standalone IT infrastructure that incorporates substantial redundancy and resiliency features.
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